On January 1, 2018, Stoops Entertainment purchases a building for $480,000, paying $120,000 down and borrowing the remaining $360,000, signing a 8%, 15-year mortgage. Installment payments of $3,440.35 are due at the end of each month, with the first payment due on January 31, 2018.

13. value: 10.00 points Required information

Required:

1. Record the purchase of the building on January 1, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field.)

2. Complete the first three rows of an amortization schedule. (Do not round intermediate calculations. Round your final answers to 2 decimal places.)

3-a. Record the first monthly mortgage payment on January 31, 2018. (If no entry is required for a transaction/event, select "No journal entry required" in the first account field. Do not round intermediate calculations. Round your final answers to 2 decimal places.)

3-b. How much of the first payment goes to interest expense and how much goes to reducing the carrying value of the loan? (Round your answers to 2 decimal places.)

4. Total payments over the 15 years are $619,263 ($3,440.35 180 monthly payments). How much of this is interest expense and how much is actual payment of the loan?